No. Not unless some other clause in the contract has been breached.
No it's not illegal to repossess a car outside the state. It is illegal to leave the state with the car that you have defaulted on the loan.
Quite probably. Because you have paid so much of the loan they might even find it more attractive to do so.
Seven years.
If you have defaulted on your loan and not returned the vehicle, then you have basically committed a theft.
I don't think so. The co-signer is not the registered owner and has no claim to the vehicle. Only the bank or the loan company (which lends the buyer the money and holds the vehicle title until it's paid for) can repossess. The co-signer just guarantees the loan. If the buyer defaults, the bank will come after him to make payments.
If you have defaulted on the loan, you must sell the vehicle, pay off the loan you have, receive a lien release on title from the loan company and sign it ovet to the buyer. This is bad situation as most people will not pay for a vehicle with out receiving the title at the time of purchase.
bannana
if you co-signed on the loan then your credit will be impacted negativly just as his
They have a vested interest in the vehicle. Their lien can prevent you from registering the vehicle.
vehicle a/c debit bank loan a/c credit
If you fail to pay your car loan the bank can repossses your car. It also goes on your credit rating that you defaulted on a loan.
A cosigner or coowner cannot repossess a vehicle. That is something the leinholder does.